Thanks @rajpanda will go through the con-call;
Regarding the last question, what DFS is doing can be classified as either a broking service (say ICICI Direct, Zerodha) or infra play (e.g. CAMS/CDSL). While the market economics can be very different depending what role the company is playing but eventually the revenue gets squezeed, so the15% margin seems very lucrative for a connector role and will attract competition (unless Priority Pass sticks to a premium positioning). Your/members views on it?
I have just gone through the Frost Sullivan report, so revenue/macro trend wise I understand that there is big runway, but the report didn’t mention anything on the profitability, if anyone has that data, then it would be really helpful, if its present in the concall/DRHP then please ignore.
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